Hello, all, and welcome to follow Sitowise's Q2 Result webcast. My name is Mari Reponen, and I'm the head of IR here in Sitowise. I have here with me our CEO, Heikki Haasmaa, and our CFO, Hanna Masala, who will shortly start the presentation. Today, Heikki and Hanna will first discuss our Q2 performance, and after that, Heikki will go through our outlook and the progress in our strategic initiatives. If you have any questions, please feel free to submit them via the chat feature located below the presentation, and I will then go through the questions during the Q&A session. Now I will hand over to Heikki and Hanna.
Thank you, Mari, and welcome all on my behalf as well. Let's start with the second quarter in brief. So, Infra and our Digital Solutions business areas maintain the solid performance, especially margin-wise, and I'm very pleased with this one. Buildings business area achieved a decent performance in the continued weak market environment, but the Sweden business area performance fell notably below expectations. As a whole, the group net sales declined by roughly 10%, and our adjusted EBITA margin was down to 5%. This decline was heavily burdened by the performance in Sweden, and we'll go through the margin development in a while. The adjusted EBITA decline was also reflected in our operating profit, which decreased, and in our leverage, which increased from the previous quarter end.
Cash flow, on the other hand, remained at a good level, and we are very satisfied with that one. Our order book was stable during the second quarter. Also order intake was stable in second quarter compared to first quarter this year. During the quarter, we also acquired KM Project business operations, which is set to enhance our capabilities in addressing the transport sector's energy transition and its opportunities. What went well? We've seen bright spots, especially in our Infra and Digital Solutions business areas, which continued to benefit from the growing demand for services in the green transition, security, and also the digitalization of the built environment. These businesses have shown resilience and good profitability. We are progressing also in attracting new clients and projects in our key growth areas, so energy, industry, sustainability, and security.
And to concretize this a bit, the sales to our energy segment clients is showing a growth of more than 40% for the second year in a row. And, as an example of a recent win, Sitowise was selected as an environmental, impact assessment and zoning consultant for the Finnish state-owned, land and water area manager, Metsähallitus Ebba Offshore Wind Power Project. I'm also very excited about the progress in expanding our SaaS, Software as a Service offerings with the launch of, Planect, which is an urban planning tool for assessing, climate impacts, and also the soft launch of, CO2 Roadmap, which is a climate leadership, SaaS solution. These products also demonstrate the synergy of our diverse expertise in business areas and also in our artificial intelligence team.
I'm also happy to see the growing interest and demand for other smart products and the progress in embracing AI in our own business operations. And naturally, it's also great to see that our own product business, including recent launch, launches, is making tangible impact on our revenue. So, we can create totally new market with these solutions, which is really important now. We also had challenges, so second quarter was clearly lower than expected, especially due to headwinds in our Sweden business area, with low sales volumes then leading to insufficient workload and also low utilization rates. In Sweden, we are not able to do temporary layoffs like in Finland, and that's why we, we've suffered clearly more than expected EBITDA-wise.
Year on year, our financial performance was also heavily influenced by the buildings business area, as the prolonged delay in the construction market recovery continues to challenge us. Additionally, the ongoing wage and cost inflation burdens the business, and the low tendering volumes in the whole market have led to excess capacity and increased price competition in both the traditional technical consulting and IT consulting, especially in the public sector. But then let's look at each business area more closely, starting with Infra. And before moving on there, I want to mention that the picture on this slide is from a major project completed in May, so namely the new Hakaniemi Bridge in Helsinki. We were responsible for the design of this bridge.
Infra's net sales were stable at EUR 80 million, accounting now already for 35% of our group's net sales. The growing number of employees, especially in high-demand areas, such as green transition services, had a positive impact on the net sales. However, we are also seeing a slowdown in demand for traditional infrastructure planning, and then the intensified price competition had the opposite effect. Although the growth has slowed, mainly because of the infra business is also generally quite counter-cyclical, our infra business area continued to outpace market growth. Order intake improved both quarter-on-quarter and year-on-year, with a solid order book at the end of June. Looking ahead, we anticipate a diverse market environment for infra, with strong demand for green transition-related services.
The first tendering rounds for the larger infra projects included in the Finnish government program have been delayed, unfortunately, again, but we are hopeful to see them entering the tendering phase soon. Overall, for the infra, the outlook is positive. We are well positioned to continue profitable growth in infra and continue the strong growth. Next, let's look at buildings. First, here also showcasing a recent win, where we signed an agreement with Innovestor for the development of energy and battery solutions for various properties. The project is a part of Innovestor's energy storage initiative, which is also financially backed by the Ministry of Economic Affairs and Employment. The buildings business area saw a 19% year-on-year decline in net sales and is now comprising about 30% of group's net sales.
The top line development was heavily influenced by the challenging market, and that also impacted on the year-on-year lower FTEs utilization rate and also the pricing competition, as mentioned. During the second quarter, we continued to adjust operations to market with temporary layoffs and shifted focus to growth segments like industry, energy, healthcare, and also education. Buildings won several projects during the quarter, and many of them were related to our growth areas. Overall, the order intake in the buildings business was, however, a bit behind the previous quarter, but still in a quite okay level. In the quarter, we also successfully won a construction management frame agreement with a larger scope than before with the City of Helsinki. Looking ahead, the Finnish construction industry's outlook remains still quite weak.
We expect the latter part of the year to be challenging in buildings due to the low tendering volumes in the market and overall market overcapacity of resources. Growth is anticipated towards the end of the year, but with a larger impact only in 2025. To be ready when the market turns, we have defined specific actions, so let's see them next. We take measures under a separate program, Building for the Future, to further optimize our organization and also processes to ensure proximity to clients and also improved efficiency. We also continue our heavy focus on proactive sales activities. In brief, our key priorities in the buildings area are to renew and develop our experts, grow sustainably, and also operate efficiently.
And concretely, this means that we actively develop our organization, career opportunity, sharing career opportunities for our people as well. And then we continue to position ourselves for growth and improved performance when the market rebounds. This means focusing on higher-margin services, expanding our client base, and diversifying our service offerings to enhance the resilience of our buildings business further. And then thirdly, we also streamline our organization structures to better support the current market. We've also seen that we need to continue with the temporary personnel layoffs in the buildings business area as necessary to align our capacity with sales. The need for them will be likely higher in H2 than what it was in H1 to improve the performance. Then, before diving into the digital solutions performance, I'd like to raise one client case for digi as well.
So, together with Solita, a 5-year extension for Ryhti's next development phase was won. Ryhti is a Finnish Environment Institute's built environment information system, and we are, of course, very happy about this continuation. So the new contract covers both the development of new features and integrations, but also the maintenance phase. So this is a great win for us. Overall, in the digital solutions business area, our net sales decreased by 9%. This was influenced by the weak private sector demand and also changes in the re-invoicing of subcontracted work over the last year during the third quarter. So this is now the final quarter when it has an impact to the comparison period. And in comparative terms, the decline now was 3%, being clearly less than in first quarter and also fourth quarter last year.
Then, looking at the market, private sector demand and investment budgets were low, except in renewable energy and municipal sectors. Public sector investment budget related to mobility and digital solutions remained largely unchanged. SaaS products represented more than one-fourth of the business area net sales already, with high demand for products like Louhi, Routa, SmartLands. So overall, for this year, we also expect double-digit growth in recurring revenue from the products. And so we are progressing well with our strategic initiatives here. Digital solutions order book was stable year-on-year and at a good level at the end of June. And also the order intake was up during the quarter with new frame agreements signed, so there's a lot of activity from our side. Digis' outlook overall is good. Our product business continues to grow well, and we see a lot of opportunities there.
However, in the coming quarters, we expect still a digital's organic growth rate to be at low single digits due to the weak private sector market. Overall, for the mid- and long term, we see the digital solutions market and our opportunities to be very promising. And finally, Sweden, again, here also one case example. So, in this picture, you can see Kvarteret Johanna block in central Gothenburg, where Sitowise has been responsible for the design of the prefabricated frame for the new structures in the block's real estate development project. So this was clearly like a great, great win for us there. Sweden otherwise, so, net sales declined by 12%, impacted clearly by too low sales volumes. The actual market environment for the technical consulting in Sweden has been mixed.
Our focus on small and mid-sized clients, especially in the commercial and public buildings, means that in practice, we are in a situation where the market has gone down the last quarters, and this has led to strong price pressure, and our clients are also postponing many projects. Traditionally, we haven't been so much in the clearly booming markets like energy, sustainability services, industry, or northern Sweden. So that's why we are seeing a clearly tougher market in the businesses and expert services what we are providing. So all in all, low sales, certain project postponements led to an insufficient workload in Sweden. These certain project overruns also contributed to the poor performance in Sweden. However, the overruns were due to individual cases and indicate that they are not, like, a common across the business.
Order intake was down from the previous quarter, and the order book at the end of June was lower than the previous year. The challenges faced in second quarter are thus expected to unfortunately continue into the second half of the year. And we'll... I'll go through planned corrective actions soon, but first, I want to emphasize that we do see a lot of potential in Sweden. We see opportunities in infrastructure, energy, environment sector, which today represent only a small part of our business in Sweden. Also, the construction market is starting to move slowly, and we expect next year to be better there. So to sum up, despite the current challenges, the medium- and long-term prospects in Sweden remain good. But we naturally now need to take actions to improve the performance.
That's why we also there focus on improved profitability under a specific Building for the Future program by adjusting our resources to match current demand and workload. This process is underway. We've already taken some actions earlier in June, and now we'll be continuing them, and we expect to see first results from the third quarter onwards. Three priorities for Sweden as well: renewing business organization, increasing sales, and also the profitability of the projects, and seeking for further operational efficiencies. Concretely, we are streamlining our local operations into nationwide business model from a region-focused model. This aims to enhance the client and sales activity, efficiency, and also agility, ensuring a stronger hold on the business. We will increase sales capabilities in the organization and also improve key account management.
Actions have already been taken to some extent, and further actions will now be taken during the third quarter. At the same time, we'll also identify several cost savings to improve profitability in the shorter term. Overall, I'm really now confident that under the new leadership in Sweden, we'll be able to solve the challenges and continue our growth journey in Sweden. Now, I'd like to hand over to Hanna, who will go through the group financial performance in more detail.
Thank you, Heikki. So as a recap, our net sales during the quarter were down roughly 10% from the comparison period, and the number of FTEs down by 5.5 in Q2. This was largely due to this adjustment in capacity to adapt to the market conditions and the sizable personal reductions we needed to make in Q4 last year in Buildings. These explain a significant part of the decline, together with the low volumes in Sweden, which were partly also driven by the market headwind, as you just heard from Heikki. Our utilization rate was also somewhat lower than last year, and we'll come back to that in a while. Looking at the profitability, Q2 was clearly below expectations.
Our adjusted EBITA margin was 5%, and the key driver there was the weak performance in Sweden, which accounted for close to two-thirds of the margin drop year-on-year. Buildings business decline had a clear, yet more or less expected impact on the profitability too, representing close to one-third of the decline. The factors included the continued wage and cost inflation, certain project overruns, and tighter competitive environment also in the Infra and Digi. But obviously, there were several factors supporting our profitability as well. The positive market trends in Infra and Digi, a favorable calendar effect of one additional working day compared to last year, and very importantly, our consistent progress in pricing and cost containment efforts. As you might remember, we started to comment our order intake last quarter.
Order intake reflects our sales performance, and is a good forward-looking indicator of future revenues. As a small technical reminder, when looking at the order intake and order book, we include SaaS and other product sales only for the next 12 months in these KPIs, even if the contracts may have a longer validity. The project business is included for the full agreed amount. So our order intake was stable quarter-on-quarter. It grew in Infra and Digi. We've already shared some client and project wins this quarter, but one of the most significant ones was the agreement signed with Lentorata Oy on drawing up the general plan, plan for the Airport Line, which is a new 36 km long planned rail line connecting Helsinki Airport and long distance train traffic. You can see a drawing of that on this page.
In Buildings and Sweden, the order intakes were slightly down, and this also explains the year-on-year decline in their order books. However, the group's order book was EUR 162 million at the end of June, which is 7.5% lower than a year earlier, but stable compared to the earlier quarter. The order book is in a good level in Infra and Digi, but it decreased in Buildings and Sweden. On this slide, the first graph shows our headcount and FTE development, which is about our capacity to perform our daily work. The decline in the number of FTEs, as mentioned, was 5.5%, and this is linked to the Buildings reductions last year, as said.
In Digi and Sweden, the FTEs were slightly down, but trended up in Infra, thanks to the acquisitions we have made after the comparison period, and also the very good organic growth in Infra's environmental impact and sustainability services unit, especially. The second graph shows the utilization rate, which is about our ability to use the available hours in projects. In Q2, the utilization rate improved from Q1, but declined from the comparison period last year. Sweden was a key driver here, accounting for over two-thirds of the utilization rate decline year-on-year. In Finland, there were some headwinds, too, as there was too low demand in some parts of the market, and more time spent in sales and tendering than a year ago. Overall, I'm, however, happy to see the positive progress in utilization in Finland quarter-on-quarter.
We're obviously putting a lot of focus on improving the utilization in Sweden, and also to keep improving it further in Finland. As in the previous quarters, our liquidity remained good in the second quarter. Cash flow from operating activities before financial items and taxes was roughly EUR 6 million. The decline year-on-year was attributable to clearly lower result for the period, but the good development of our working capital compensated this to quite a large extent. The net cash flow from operating activities also decreased from comparison period, and this was impacted by slight increase in interest expenses. Net debt declined slightly, as the cash level was unchanged from the previous quarter, and we paid back EUR 500,000 of debt, as we do twice a year.
However, net debt to EBITDA increased, and this was due to the clear decrease in the rolling 12 months EBITDA after a weak quarter. The acquisition of KM Project consumed some cash, and we also paid one earn-out related to an earlier acquisition. As we've said, earlier, our financing contract is valid until March 26. We actively manage our solvency, and also maintain very close dialogue with our financiers. The covenant in our financing agreement is based on net debt to EBITDA, and as a response to the tightening of our balance sheet, we agreed during the quarter with our banks on a temporary easing of the required covenant level. We've already commented most of the figures on this slide, but just a couple of points on the items below our EBITA.
Amortization of the intangible assets grew slightly, for example, due to the completion of our Finnish ERP project at the end of 2023. As mentioned earlier, the financial expenses also increased to some extent, mainly reflecting the higher interest rate level than a year ago. This led to the net result for the period declining slightly more than EBITA. To end my part on a positive note, the balance sheets metrics such as equity ratio and also gearing, which is not on this table, are showing some improvement from the levels a year ago. And now I hand back to Heikki.
Thank you. Thank you, Hanna. So, looking at the market outlook, so I believe we have discussed most of this already. So, maybe just stating that the key, key changes in the market in second quarter are the delay in the construction market recovery, and also the continued weakness in the Swedish segments we are, so namely, commercial buildings and to some extent, public sector there. The positive growth drivers remain the same, and of course, we are looking forward to capturing them. Our guidance for this year was updated two weeks ago, so just to summarize it, so we expect our net sales to decline this year, driven by the buildings business decline, and now also the weakened growth outlook in Sweden for the second half of the year.
The adjusted EBITA margin is expected to be lower than last year. But finally, a few words about our progress in strategic initiatives, and we are clearly progressing well with them. Just as a reminder, our strategy, so our values, new purpose, vision, where we are going, and then also strategic pillars, how we are also measuring our success. And I'll go through then the progress now with our strategic pillars. So the most innovative, so there we've continued focus on the new smart services and also the AI development, building on the momentum from the previous quarter. Our go-to-market activities for products from the Smart City Lab, so namely, Planect, CO2 Roadmap, they have been progressing really well.
Also, we've expanded the sales activities of SmartLands internationally, especially in the Nordics, but also already in the wider Europe. So, so SmartLands, as a reminder, is an AI solution for land use management and sustainability assessment, and it's getting a lot of interest, so that's of course, very, very promising. To enhance our design environments and processes, we've been building our data and analytics capabilities. Our AI Center of Expert Excellence has completed five focused experiments using AI across different business areas. And after successful pilots, we are now also rolling out all of these AI tools across the organization, making then a significant step forward in our innovation journey. Most sustainable second quarter, our emphasis, emphasis was on developing our offerings related to responsibility and biodiversity.
As already mentioned a couple of times, we launched the Planect tool in May, which is a digital solution developed in collaboration with our clients. So Planect enables comprehensive climate impact assessments for zoning projects, aligning with the upcoming low-carbon construction requirements set by the new Finnish construction law, which will be effective 2026. So Planect can be used in several sectors, for example, in pre-construction, infra, public areas, soil and vegetation, carbon stocks, buildings and yards, transport, energy. So there are a lot of opportunities there. And today, 15 Finnish cities and municipalities are already using Planect, so it starts to bring nice top-line growth for us as well. The second product in focus during the second quarter was the CO2 Roadmap, our new SaaS type of solution.
We progressed in its commercialization as planned and soft launched it to the target customers in selected segment. This product is actually crucial as it calculates the carbon footprint and assists companies in building a tailored climate roadmap, and also facilitates reporting. We've also organized two Smart City Talks events focusing on the opportunities that hydrogen brings to the green transition and the economic impact of biodiversity loss. So we want to ensure competitive advantage through right processes, tools, and data, then creating less waste and more meaningfulness. So use of the AI plays a key role here and will do so in the future. And, as said, key of efforts in this area were related to possibilities to optimize expert work and workflows with generative and also predictive AI.
We also continued to heavily focus on the sales and pricing excellence and client activity, as it's so crucial, crucial today. Finally, a special focus was on renewing project manager training, and we believe this will help us in improving our operative efficiency, as our project managers really play a key role in making our clients' projects successful. So, a lot progressing here with the strategic initiatives and to the right direction.
But that's all for today, and now we are ready for questions.
Yes, hello. We have a few questions, and I start with the ones related to balance sheet. So there are a few questions related to our covenant levels. So first of all, did you breach them? What happens if you don't reach them at the end of the year? And finally, are you planning some kind of share issue at some stage?
Maybe you'll take this.
Yeah, I can take this. So, regarding the covenants, we haven't disclosed the levels, but it, as said, it's related to the net debt to EBITDA. And as we've said in the report, we are aligned with the covenants agreed with the banks. As we also said, we have, during the quarter, agreed on the temporary adjustment of the covenant levels. When it comes to the question about equity issue, our liquidity is good, as earlier, and even if the net debt to EBITDA has now been going somewhat up, the other balance sheet metrics are strong. We focus on operative improvements and cash flow generation, and don't have any project on equity issue ongoing.
Okay, thank you. Then about the net debt, do you think your current net debt level of EUR 56 million is a sustainable level, given the weak operating environment?
Yeah, well, I think the kind of... We don't have any, in a way, issue with that. As said, we've kind of for now, the ratios have weakened because of the performance. Of course, comparing to our current EBITDA generation, it would be good to have a bit lower net debt, but the debt, as such, is not an issue. But of course, we need to keep a focus on that, and we're being tight on our decision to use capital.
Okay. Then, a few questions related to the so-called weaker areas, buildings and Sweden. Do you see any signs of the market pickup in these areas, or what kind of concrete signs are you seeing?
Yeah. I would say that we probably are now in the bottom. Already what comes to the buildings business as only, like I stated earlier during this year, so we are seeing some signs already in the renovation business. Of course, now the lately slightly decreased interest rate will be probably helping it further. And then otherwise, in the buildings business, we are seeing some early signs of picking up. But as said also today, maybe it's more about next year when the recovery then starts. And then what comes to the business in Sweden, so of course there we are also a maturity of our business, and our experts are working more or less with, like, a commercial institutional buildings. There the market still continues to be weak.
However, probably same, same kind of schedule like set for Finland, for the buildings. So, towards the end of year, bit to the better, but then next year, maybe then only, like, a bigger recovery there in general. But of course, still good to mention that naturally, what we've said about this growth customer or client segment, so energy, sustainability services, and also industry, we are seeing in all business areas, growth opportunities there. And also the security, I forgot to mention-
Mm, mm
that one because they are clearly growing. And of course, we are shifting a bit our operations to those ones.
Okay. Thank you. Still continuing a bit on Sweden and buildings, your competitors, certain ones seem to be collecting small orders and surviving in this current market environment that way. How is the situation in Sitowise?
Yeah, for Sweden?
Sweden and buildings.
Buildings. Okay, maybe. Okay, first, still about Sweden, maybe a little bit, repeating what I said, but of course, what we are seeing at the market for the energy industry, sustainability services, also northern Sweden is clearly growing. Unfortunately, we haven't been there. And, of course, we have infra business to some extent, but then these more tougher markets, commercial, institutional side is where we are. Then what comes to business in Finland, so clearly, what comes to our buildings business in Finland, so clearly, we've been also winning a lot, actually, these kind of like small and mid-sized orders in a pretty good speed.
However, the larger ones have been missing, and they have been missing from the whole market. So I think it's probably the same challenge for the other players in the industry.
Okay. Talking still about buildings and Sweden, the Building for the Future program you mentioned, what kind of estimating savings are you expecting or, or can you somehow quantify that at this stage?
Yeah. Okay, firstly, as the name is also reflecting there, so naturally, we are really looking for the future in that sense that we are a lot focusing on the sales approach and getting our top line increasing. So, and several actions for that one, and of course our people play a key role there. But it has an element of further savings, both for Sweden and for Finland. But for Sweden, as I said, we have already started some actions to also make some savings or adjust our capacity, our resources to the current market and also our order book situation, and we'll continue with that one. But the details will follow only later on, so we are still in the planning phase for that one.
In Finland, we have today announced that there will be maximum 10 FTE reductions in the buildings business. But again, as said, we are more looking for the future streamlining our organization in such a way that it's providing, like, opportunities. So, we really look for the top-line growth and further developing our expertise and providing opportunities for our people.
As a sort of a continuing question for that, given the current staffing capacity in buildings and Sweden, how much run rate revenue, additional revenue would you need to make acceptable margins in those businesses?
Okay, tough to open it in quite detail, but I, of course, can say that naturally, okay, today, I said we need to continue temporary layoffs in Finland, and probably with a little bit more likely to having more of them than during the H1. So that's the situation. Of course, we are looking at the situation will be improving going further. And then in Sweden also, we need to adjust our capacity now to the current situation.
Okay. We also have a question about the postponed client projects. Can you comment on the magnitude of those or their impact in the order book?
Yeah, maybe just... Maybe you can comment on the order book, but briefly, of course. Okay, they had a... Yeah, that relates to Sweden, and there, there especially, that was like a modest hit, I would say, in that sense. But of course, as we are not able to do the temporary layoffs, we were, we were booked our people for couple of projects, but they were postponed, and that's why we didn't have workload for them. So, in this kind of - it's really very unfortunate, but it naturally had a big, big hit EBITDA-wise.
I can maybe
Mm.
Comment on the order book.
Mm.
And I think since this downturn really started to show a while ago, we've had a kind of a relatively stable amount of postponed or, like, projects put on hold in the order book. There was a slight increase now in that amount in the order book, but nothing major.
Mm.
But a slight, slight increase.
Then maybe a question to Hanna. Could you please walk through the items affecting comparability to EBITDA in the last 12 months, roughly EUR 2 million?
Yeah. Well, now hopefully I remember everything right, but I think one big item there was related to these Buildings restructuring. So when we needed to reduce the headcount in Buildings last autumn, these kind of costs related to the restructuring were booked there. And then there have been some other kind of restructuring type of costs, smaller ones than that. Then we have had some costs related to M&As, both acquisition and integration. And then related to our ERP project, there were some smaller items when we were running two overlapping systems, but those are the main items. We do have a, like, a breakdown of these also in the interim statement, so there you can see the headings and the amounts.
Okay, thank you. About the Finnish construction market recovery, you mentioned that it's delayed. So, is there any particular reason why you sort of sort of changed your view on when the recovery starts? Why did you sort of comment it now?
I think there has been, like, a general assumption of and also, preparing for this year, I mean, like roughly one year ago, that the buildings market recovery would be starting like H2. Clearly, as it has been also the kind of pattern now already for a couple of years, that I think the general consensus is that it's like a half year, one year from the moment onwards when the recovery starts, but that's not unfortunately the case. So it's been, like, a further postponed.
I can maybe add a comment that, obviously-
Mm
... still in the spring, I think the expectations of these interest rate cuts were kind of,
Oh, yeah
... more optimistic than what it has turned out. And that's, of course, impacting the construction market heavily. Now, of course, we've seen the European rates coming down a bit recently, so let's hope that this also encourages the construction market pick-up.
Mm.
Okay. Let me have a question about the new products and services, for which there were quite strong figures also on the growth in the presentation. So can you already comment what kind of a top-line impact Planect is having or, or, what is your target with these new products on? What is the target revenue for, for this kind of new products in future?
Yeah, we haven't, we haven't yet disclosed the actual figures. But of course, with like verbally can say that naturally I'm very satisfied how we have gone to the commercialization phase and already now started to sell many of them. They are already bringing, like, a top line. They are already contributing well in our digi business and also now in the forthcoming quarters in our infra business as well, because one of the solutions relates to that one. So, we'll, we'll come back to that one. But anyhow, we are seeing that it's already having like a good good positive element there.
Then, of course, naturally, the SaaS business model itself is also such that, when you are able to increase the speed there, of course, then it will have a nice impact on the bottom line as well.
Okay, thank you. And that was the last question today. So thank you, Heikki and Hanna, and thank you, audience. And we will have our Q3 results published on the 7th of November, so hope to see you all latest at that point. Thank you.